Implications of Default

Last updated on September 26 2018Commentary is for informational purposes
only. See legal
disclaimers

Payment Default Implications

Late payments and defaulting /
we don't approve loans at WeFindLenders.com so we don't deal with
debtors who stop making payments for some reason. If you default on
your loan payments with a lender they will charge you additional fees
and penalties. Each lender has different policies and procedures they
adhere to so you need to read their documentation closely so you understand
what your responsibilities are going forward.

When you sign a legally binding
agreement with a lender you must adhere to the guidelines within it
and be sure to make your loan payments on time and in full. If you
find yourself struggling to make payments on time you should alert
them and work with them and come to an agreement for timely repayment.
This may mean renegotiating with them so you pay less each month.

You
may have to enter into a debt settlement agreement with the lender,
and if you do that we encourage you to first try negotiating directly.
If that doesn't work you may consider using a third-party debt settlement
or debt relief service.

Don't
just stick your head in the sand and and hope the loan will go away.
The longer you are late on payments, the more your credit score gets
damaged and the more penalty fees and interest you will be adding
to your debt.

If you are really in a bad
financial position and can't make your payments, you will start getting
calls and emails from collection agencies. To learn more about collections
agencies and their practices go
here.